Galaxy Entertainment Group (GEG) has announced a 15 percent year-on-year increase in its 2024 fourth-quarter adjusted EBITDA, while highlighting the deployment of smart tables and large-scale entertainment events as expected profit drivers in 2025.
The company reported a Group Adjusted EBITDA of HK$3.2 billion ($411.6 million) for Q4, reflecting a 15 percent increase year-on-year and a 10 percent rise quarter-on-quarter. For the entire fiscal year, GEG achieved an Adjusted EBITDA of HK$12.2 billion ($1.55 billion), marking a 22 percent increase from 2023.
Francis Lui, Chairman of GEG, emphasized in the report that the premium mass segment remains the primary profit driver for GEG amid a competitive landscape, citing also the need for non-gaming attractions.
“We continue to progress with the fitting out of Capella at Galaxy Macau and the construction of Phase 4, which has a strong focus on non-gaming, primarily targeting entertainment and family facilities, and also includes gaming,” Lui added.
The GEG Chairman also highlighted the deployment of smart tables across all of GEG’s casinos in 2024, a technology the group expects will “enhance the overall operating efficiency and customer management.”
In Q4 2024, GEG’s net revenue reached HK$11.3 billion ($1.44 billion), up 9 percent year-on-year and 6 percent quarter-on-quarter. The annual net revenue totaled HK$43.4 billion ($5.56 billion), also up 22 percent compared to the previous year. Notably, the Net Profit Attributable to Shareholders (NPAS) for FY2024 rose to HK$8.8 billion ($1.12 billion), representing a 28 percent year-on-year increase.
Galaxy Macau Leads the Pack
In the fourth quarter of 2024, Galaxy Macau made a significant contribution to GEG’s performance, generating a net revenue of HK$9.1 billion ($1.16 billion), which represents a 12 percent increase compared to the same period last year. The Adjusted EBITDA for Galaxy Macau reached HK$2.8 billion ($358.6 million), reflecting an 11 percent rise year-on-year.
StarWorld Macau also performed well, reporting a net revenue of HK$1.3 billion ($166.7 million) for Q4, marking a 3 percent increase year-on-year. Its Adjusted EBITDA stood at HK$363 million ($46.5 million), which is also up 3 percent compared to the previous year.
Broadway Macau achieved a turnaround in its financials, posting an Adjusted EBITDA of HK$1 million ($127,000) in Q4, compared to a loss of HK$2 million ($257.268) during the same quarter in 2023.
Despite facing challenges in the gaming environment that reduced Q4 Adjusted EBITDA by approximately HK$35 million ($4.5 million), the normalized Adjusted EBITDA was HK$3.3 billion ($421.4 million), indicating a 12 percent increase year-on-year.
Phase 4 Completion Still Set for 2027
Looking ahead, GEG is targeting the opening of Capella at Galaxy Macau in mid-2025. This new 17-storey property will feature approximately 100 ultra-luxury sky villas and suites, each equipped with unique amenities, including balconies with transparent infinity-edge pools and hidden winter gardens. Capella aims to elevate the luxury experience in Macau.
The company is also ramping up developments at the Galaxy International Convention Center (GICC), Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau. Efforts are firmly focused on the development of Phase 4, which will introduce multiple high-end hotel brands new to Macau.
This phase will include a theater with up to 5,000 seats, extensive dining and retail options, and various non-gaming amenities, all spread across approximately 600,000 square meters. It is scheduled for completion in 2027.
GEG remains committed to enhancing its resorts with new and innovative food and beverage offerings and retail options. At StarWorld Macau, major upgrades are underway, including improvements to the main gaming floor and lobby experience, as well as the completion of Level 3 upgrades, which now hosts one of the largest Live Table Games terminals in Macau.
The company – which holds Galaxy Arena, the largest indoor arena in Macau with 16,000 seating capacity – plans to continue to host numerous high-profile events in 2025, including performances by renowned artists and major sporting events, which are expected to draw significant visitor traffic.
Lui noted that GEG is “well positioned to continue to capitalize on this trend of increased entertainment in Macau” with major events driving a “significant increase in visitors to our resorts resulting in increased gaming activity, retail sales, food and beverage revenue and hotel demand”.
